Amended 2024 return

[peacock457]

I need to amend my 2024 return because I did not include self-employment expenses, and my self-employment income amount was incorrect. When I filed in 2024, I owed and paid a little over $46k. Now, as I am working through the amended return, It shows that I owe $6,200. So, I have two questions:

1. Does this mean that I owe an additional $6,200 on top of the $46k I already paid?

2. If the $6,200 is the new amount owed, what happens to the $40k that was overpaid?

[DawnC]

It sounds like an additional 6,200 is owed.   The previous amount should already be included.   The amendment (Form 1040-X) only represents the changes made to the original return.   If you look at the form,  at the bottom of page 1, lines 18 - 23, you will see the previous amounts (the 46k) accounted for.  

Form 1040-X:

Line 18 — Overpayment - original return

Line 20 — Amount you owe

Line 22 — Overpayment received as refund

Line 23 — Overpayment applied to estimated tax

Form 1040-X contains three columns:

• Column A. This column shows the numbers previously reported on your tax return. Use the copy of your tax return you gathered in Step 1 to complete this column.
• Column B. This column shows how the amounts from your original return need to increase or decrease. For example, if you're amending your gross income to include $50 of interest income missing from your previously filed tax return, you would enter $50 on line 1, column B.
• Column C. This column shows the correct amount. Just add the amounts from column A and column B and enter the result here.

1040-X help